US: ISM Manufacturing PMI rises to 61.1 in November vs. 61.0 expected
- ISM Manufacturing PMI rose to 61.1 in November from 60.8 in October.
- There were "some indications of slight labor and supplier delivery improvement".
According to a survey compiled by the Institute of Supply Management, US Manufacturing PMI rose to 61.1 in November from 60.8 in October. That was slightly above the expected reading of 61.0 and above October's 60.8.
In terms of the subindices; the employment index rose to 53.3 from 52.0, the new orders index rose to 61.5 from 59.8 and the prices paid index fell more than expected to 82.4 from 85.7, versus an expected decline to 85.5.
According to Timothy Fiore, Chair of the ISM survey committee, “the US manufacturing sector remains in a demand-driven, supply chain-constrained environment, with some indications of slight labor and supplier delivery improvement." "Manufacturing performed well for the 18th straight month", he continued, "with demand and consumption registering month-over-month growth, in spite of continuing obstacles". Finally, "meeting demand remains a challenge, due to hiring difficulties and a clear cycle of labor turnover at all tiers" he added.
Market Reaction
There wasn't much of a reaction to the latest US PMI data, which contained promising signs of an easing of supply chain gridlock.
Author
Joel Frank
Independent Analyst
Joel Frank is an economics graduate from the University of Birmingham and has worked as a full-time financial market analyst since 2018, specialising in the coverage of how developments in the global economy impact financial asset
